According to data reported by the Vietnam Real Estate Brokers Association, by June 2019, there were about 300,000 people operating in the field of real estate brokerage, working in brokerage companies, trading floors or operating independently, but only about 30,000 people have practicing certificates, accounting for about 10% – a very low percentage. In Vietnam, the legal responsibilities of brokers are not clearly defined by laws and sanctions. No one has ever bought a house and sued the broker, the broker can say anything, say it wrong, …
Each broker from primary to secondary should be aware of his or her own responsibilities. Not to mention the market, being rejected by customers, in the long run will be legalized by legal documents when practicing. If the broker does not change, it will not be able to catch up. A professional broker should be responsible for the following:

1, Transparency, financial reliability: the broker must be transparent and clear with customers about all things related to money. At the request of the customer, the broker must provide complete and truthful information about the purchase and sale prices, costs incurred, commissions and all money-related matters during the purchase/sale period. home with customers.

2, Confidentiality: Brokers must keep confidential and not disclose anything that damages the interests of customers during the buying and selling process. Confidentiality here does not mean hiding material truths (damage about the house (buy/sell) Because doing so is dishonest with the public in the real estate process. some brokers can’t eat, then knock down, publicize personal information, publicly transfer money, account numbers, …. of customers to expose, to discuss.Doing so is irresponsible, lacking profession.

3, Competence: brokers must have enough professional knowledge to carry out their buying/selling responsibilities for their clients. Competence, knowledge here must be understood as the capacity of professional knowledge, beyond the normal knowledge of non-professionals. Here is understanding about the market, about products, seeing market trends.

4, Trust and full disclosure (good faith/full disclosure): Trust here means acting on behalf of customers in honesty, not taking advantage of trust (from customers) for profit. Full disclosure means being responsible for disclosing everything you know about the home you buy/sell. Including the market price, the quality of the house and everything that has a good/bad effect on the house.

5, Loyalty: Loyalty is the most important requirement of a broker for its customers. Loyalty here is understood that the broker must put the interests of the customer above all (except the law – of course). This duty of loyalty requires the broker to always act in the best interests of the client under all circumstances. Until you complete your buying/selling tasks.

6, Obedience: The broker, must listen to and follow the (legal) instructions of the client – whether he personally agrees or not.
In short, always act honestly, transparently and fairly with all customers and the public.

Cao Huu.